Featured Franchises
Franchise Directory
Advertising Information (Print And Online)
Order A Copy Of The Book
Latest News On Franchises
Other Opportunities To Invest
Expert Franchise Advice
Worldwide Franchise Associations
Franchise Show Schedule
Links To Related Sites
Home
 


Franchise for Sale
Find Great Franchises at
FranchiseAdvantage.com

Risky Business Pays Off For Franchisee
by Jackie McDermott

Adam Blank did two things that most people consider risky-he began a new entrepreneurial venture during tough financial times-and he chose his father to be his business partner.

While some see adverse economic straits as a hindrance to commercial endeavors, Adam, co-owner of FranchiseMart in Boca Raton, Florida, finds the country’s fiscal climate advantageous. "By going into business for yourself, you are controlling your investment, which is more important than ever, given this economy," he explains. "More and more people want to work for themselves, which has given franchises an unusually large and talented pool of employees to choose from. Plus, you can find better deals on real estate."

Although Adam, a recent convert to franchising from corporate America, may have benefited from an ailing financial market, it was not his motivation for pursuing his own business. In the spring of 2008, Adam worked as head of the Latin America financial planning and analysis department at a consumer products company.

"I handled all the budgeting, strategic planning, and quarterly reviews for my division," he says. "It was a wonderful opportunity that allowed me to travel all over Latin America, but I left in February 2008 because, frankly, I wanted to control my own destiny."

His pending marriage was also an impetus for change. The couple met while pursuing Executive MBA degrees at the University of Miami School of Business and was set to marry in March 2008."“I can’t say there was an exact date and time that I decided to do something different, but as my wedding day approached, I became increasingly ready to make another big step," Adam recalls.

The decision to leave the corporate world was not due to dissatisfaction with his current position. "I was very happy at Spectrum Brands and fortunate enough to work with wonderful people, whom I remain friends with today," he clarifies. "I was satisfied with the way I moved up the corporate ladder, but when I looked at myself from an outside perspective, I thought, I’m doing all of this impressive, challenging work with dedication and vigor; why couldn’t I do it for myself? I realized I could put all my drive, passion, and energy into my own venture."

Adam’s father and current business partner, Perry Blank, introduced him to FranchiseMart. After conducting Internet research, Perry visited the corporate headquarters of the United Franchise Group, the developers of FranchiseMart, to meet with senior executives. He was impressed, and urged his son to take a similar trip. Adam was instantly intrigued by the concept behind "the only retail-based franchise matchmaking business in the world." He, too, met the people behind the brand, recalling, "My Dad was right-I was blown away."

The United Franchise Group is the global parent company to a variety of successful franchise systems. "I was impressed with how many successful companies they’d created," says Adam. "Coming from a corporate background, I needed some sort of structure. I knew UFG was run by seasoned professionals who could provide me with a tried-and-true framework."

FranchiseMart matches interested entrepreneurs with franchise opportunities, at no cost to the potential franchisee. The company aims to make the research process more efficient and effective by providing experts who act as consultants to the potential franchisee, navigating him or her through the wide array of franchise choices.

FranchiseMart researched thousands of opportunities before selecting a diverse group of the best franchises to suggest to its clients. "I have a very exciting job, because all day I get to help people achieve their dream of being their own boss. I help people find the business opportunity that most closely matches their needs," says Adam.

FranchiseMart owners pair applicants with industries that match their interests at investment levels that match their budgets, saving their clients time and energy. Adam and his team present customers with three or four companies that they’ve determined to be their best matches.

FranchiseMart’s services are free to the franchisees, as the company is paid by the franchises it promotes. The company is particular about which opportunities it will suggest to its clients. "We look for franchises that are aiming to grow their brand in the proper way, meaning they’re dedicated to providing good training, ongoing support, financial assistance, and a comprehensive marketing plan to their franchisees," says Adam.

The company’s research shows that franchise owners are three times more likely to succeed than owners of new non-franchised businesses-part of the reason Adam was attracted to a franchise opportunity himself. "I am a finance guy at heart, so the statistics really spoke to me. The franchise industry now accounts for more than 50% of retail sales in the United States, and it’s growing at a considerable pace. I wanted a viable business model, and numbers don’t lie."

Adam feels there are multiple benefits to partnering with a franchise, "but brand recognition may be the number one advantage." He continues, "People do not like surprises, so they look for consistency and brands they can trust."

Adam understands that the process of searching for the perfect franchise opportunity is time-consuming and overwhelming, and often people do not research as thoroughly as they should. "The first place people start their search is often on the Internet; this would be fine if people weren’t ending the process there, as well."

He is excited to work for an organization that makes the procedure simpler. "I have been in my client’s shoes. I provide the level of service I would want to have had when I started my search for a franchise-except I had my Dad," he says with a smile.

The Blank father-and-son team benefits from its members’ complementary fortes. According to Adam, Perry is the salesman. "He has started many businesse, and has basically been entrepreneurial his entire life. When you think about it, this is the opposite of me, since I have a corporate and finance background."

Besides valuing their compatible business strengths, Adam enjoys working with someone he knows and trusts. "It’s definitely neat to work with my father, but we maintain a very professional relationship and I call him ‘Perry’ at work. I have a new appreciation for him now that I’ve seen him in action. I can see how he operates and what he is capable of. He knows how to talk to people and how to read them; he makes this opportunity even better for us. He is good at what he does," he says.

Corporate America is not a "playground for ideas," as Adam puts it. It takes time to implement something new-often you’ll need to cut through red tape and convince multiple people of the validity of your idea. "If I have a great business idea, a plan that could increase revenue, I talk to Perry, get his feedback, and then basically put it into action. In a corporate environment it can be a lot harder to get done," he says.

Now well-versed in the science behind choosing the right business undertaking, Adam can share valuable advice with prospective franchisees: "Meet the people behind the company before you do business with that organization. Remember, it’s a long-term relationship, so you need to feel comfortable with them. Look at their business model and analyze its strengths and weaknesses. Also, be sure you believe in the product you are selling."

Adam urges those thinking about making a career change but worried about a volatile economy to see the silver lining. "A lot of people talk about contraction, about how it is harder to raise capital, but I find it has created opportunities for the franchise industry. The fear has worked in our favor. We have a lot more flexibility with real estate. We’ve gotten better deals from our vendors, who are hungry for business, and a lot of firms are more willing to do bartering deals. Two years ago, I would not have been able to do what I am doing at these prices."

And if you happen to be an opportunist who might want to go into business with your entrepreneurial father, that wouldn’t be so bad either.

Featured Franchises  Franchise Directory  Featured Consultants  Featured Franchises by Category  Advertise  Subscribe  Franchise Shows  Articles  News  Associations  Links 

Privacy Contact Us

 
All information contained within Franchise Handbook: Online copyright 1995-2010.
Reproduction of all or part by any means without express, written consent of the publisher is forbidden.